Tuesday, January 29, 9:25 a.m. 1. Comments from leading global economists and bankers at their annual meeting in Davos showed a decided shift from the gloomy outlooks expressed the last several years, to belief that the economy is in a sustainable recovery from the Great Recession. 2. China’s market was up last night, and is [...]

Tuesday, January 29, 9:25 a.m.

1. Comments from leading global economists and bankers at their annual meeting in Davos showed a decided shift from the gloomy outlooks expressed the last several years, to belief that the economy is in a sustainable recovery from the Great Recession.

2. China’s market was up last night, and is now up 20.4% from its November low, past the 20% level that marks a new bull market.

3. Also in Asia, Japan’s small business confidence was up again in January, rising from 43.8 in December to 44.3 in January, its 2nd straight month of improvement.

5. Gold is in a symmetrical triangle pattern. The direction of the break-out from such a pattern usually indicates its next direction, as happened in the last two occasions shown in the chart.

Its last rally attempt managed to break it above its 30-day m.a. but failed short of the upper limit of the triangle. Its decline brought it back down to the lower limit of the triangle and fractionally beneath it.

Subscribers to Street Smart Report: The mid-week Markets Update report will be out tomorrow in your secure area of the Street Smart Report website.

Yesterday in the U.S. Market.

A flat day with little intraday volatility, on volume of 0.6 billion shares traded on the NYSE, 1.8 billion on the Nasdaq.

The Dow closed down 14 points, or 0.1%. The S&P 500 closed down 0.2%. The NYSE Composite closed down 0.3%. The Nasdaq closed up 0.2%. The Nasdaq 100 closed up 0.2%. The Russell 2000 closed up 0.2%. The DJ Transportation Avg. closed up 0.1%. The DJ Utilities Avg closed down 0.2%.

Gold closed down $6 an ounce at $1,653.

Oil closed up $0.56 a barrel at $96.44 a barrel.

The U.S. dollar etf UUP closed up 0.1%.

The U.S. Treasury bond etf TLT closed down 0.4%.

Yesterday in European Markets.

European markets were mixed yesterday. The Europe Dow closed unchanged. Among individual countries, the London FTSE closed up 0.2%. The German DAX closed down 0.3%. France’s CAC closed up 0.1%. Greece closed down 0.1%. Ireland closed up 0.1%. Italy closed up 1.0%. Spain closed own 0.6%. Russia closed up 0.8%.

For Street Smart Report subscribers only, used to provide additional info to that provided in the newsletter, mid-week reports, and hotlines.

To obtain access please click on the ‘Subscribe’ link. It will take you to an information page on subscribing to Street Smart Report, a subscription to which includes access to the premium content area of this Street Smart Post blog.

In the premium content area this morning: Next two short-term seasonal patterns.Downside support and target for any short-term stock market correction that develops from overbought condition. Gold.

European markets are mostly down this morning. The London FTSE is up 0.1%. The German DAX is down 0.2%. France’s CAC is down 0.3%. Spain is down 0.6%. Greece is down 0.9%. Italy is down 0.6%. Russia down 0.7%.

Oil is up $.74 a barrel at $97.18.

Gold is up $9 an ounce at $1,662.

This Morning in the U.S. Market:

This week will be a very heavy week for potential market-moving economic reports, including Durable Goods Orders, Consumer Confidence, another revision to 4th quarter GDP, the Fed’s FOMC meeting, the Labor Dept’s Employment Report for January, etc. To see the full list click here, and look at the left side of the page it takes you to.

Yesterday’s reports were that Durable Goods Orders surged up 4.6% in December, almost double the consensus forecast of a gain of 2.5%. But Pending Home Sales fell 4.3% in December, blamed on the low inventory of homes for sale. And the Dallas Fed Mfg Index rose sharply in January, jumping from 3.5 in December to 12.9 in January. The new orders component jumped from minus 0.8 to 12.2, in highest reading in almost two years.

This morning’s report was that [corrected from original post] the Case-Shiller Home Price Index showed that home prices rose 0.6% in November, and were up 5.5% year-over-year. It was the 10th straight month of increases and the best year-over-year increase since August 2006.

Still to come is Consumer Confidence , which will be released at 10 o’clock.

The pre-open indicators remain flat as they have been all morning.

Our Pre-Open Indicators:

Our pre-open indicators are pointing to the Dow being down 10 points or so in the early going this morning, meaningless as to direction.

Subscribers to Street Smart Report: The mid-week Markets Update report will be available tomorrow in your secure area of the Street Smart Report website.

I’ll be back with the next regular blog post on Thursday morning at 9:25 a.m.

Non-Subscribers:Make a New Years resolution to subscribe! What you get for nothing by surfing the Internet for multiple and conflicting opinions is usually worth just that. We are about in-depth, clearly explained, fundamental and technical analysis, resulting in specific signals, recommendations, and portfolio holdings, not news items and quick opinions masquerading as analysis.

We can help you not only make more profits, but just as importantly avoid losses, and at very reasonable cost!